Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments and Effect of Derivative Instruments on Statements of Income and Expenses

The Fair Value of Derivative Instruments is as follows:

	December 31, 2019					December 31, 2018
Risk Exposure/Derivative Type (a)	Assets		Liabilities			Assets	Liabilities
Currency risk
Currency Futures Contracts	$	—	$	(1,815,323	)		$	(4,534,517	)

^(a) Includes cumulative appreciation (depreciation) of currency futures contracts. Only the current day’s variation margin receivable (payable) is reported in the December 31, 2019 and December 31, 2018 Statements of Financial Condition.

The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows:

		For the Years Ended
	Location of Gain or (Loss) on Derivatives	December 31,
Risk Exposure/Derivative Type	Recognized in Income	2019		2018		2017
Currency risk
Currency Futures Contracts	Net Realized Gain (Loss)	$	5,422,705	$	29,619,708	$	(51,958,105	)
	Net Change in Unrealized Gain (Loss)		2,719,194		3,438,120		(9,961,447	)
Total		$	8,141,899	$	33,057,828	$	(61,919,552	)

Summary of Gross and Net Amounts of Offsetting Assets and Liabilities

The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of December 31, 2019, net by contract:

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged(a)
Counterparty	Futures Contracts		Futures Contracts			Net value of derivatives			Non-Cash		Cash		Net amount
Morgan Stanley & Co. LLC	$	985,750	$	(1,815,323	)	$	(829,573	)	$	829,573	$	—	$	—

The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of December 31, 2018, net by contract:

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged(a)
Counterparty	Futures Contracts		Futures Contracts			Net value of derivatives			Non-Cash		Cash		Net amount
Morgan Stanley & Co. LLC	$	3,320,899	$	(4,534,517	)	$	(1,213,618	)	$	1,213,618	$	—	$	—

^(a) As of December 31, 2019 and December 31, 2018, a portion of the Fund’s U.S. Treasury Obligations were required to be deposited as maintenance margin in support of the Fund’s futures positions.

Summary of Average Monthly Notional Value of Future Contracts Outstanding

The table below summarizes the average monthly notional value of futures contracts outstanding during the period:

	For the Years Ended
	December 31,
	2019		2018		2017
Average Notional Value	$	347,110,169	$	525,330,594	$	659,935,078